Philosophical theories on the nature and origins of morality (that is, theories of meta-ethics) are broadly divided into two classes: Moral realism is the class of theories which hold that there are true moral statements that report objective moral facts.
As an S corporation, no corporate income tax would be levied. And when the income gets allocated to individual shareholders, they will probably pay a maximum rate of 40% to 44%. So that would mean around $400,000 to $440,000 in income taxes and then about $600,000 in leftover after tax profit.
If you opted to be taxed as an S corporation, you must file Form 1120S, US Income Tax Return for an S Corporation, by March 15. If you need additional time, C and S corporations can file Form 7004 and get a six-month extension. Your return will be due on Sept. 15.